Andrew

Poor Tax Advice, Jan 7 2007

This book was a disappointment. The tax information given is misleading and incomplete.

The author praises one couple who created wealth by keeping their principle residence and turning it into a rental property. Then they refinanced it and bought a newer larger principle residence. The problem with this advice is, because the refinaced mortgage proceeds were NOT used for investment purposes, the mortgage interest CANNOT be claimed as a tax deduction. Anyone with basic real estate investment knowledge knows the principle residence could have been sold (capital gains free), the majority of money from the sale could have be used to buy the new principle residence and the remainder… Read more

Great Book, well worth the time and money., Nov 11 2006

With so many poor quality, repetitive and almost useless real estate investment books on the bookshelves today, when a book of this calibre is written, the author should be congratulated (and thanked).

This book covers everything from why people invest in income properties to building a small real estate empire.

As a long term real estate investor, I rank Mr. Martinez's book in the top half dozen books, of all the real estate investment books I have every read.

He gives a true picture of owning income properties. Being a landlord is hard work, filled with risks and worry. It is not the rosy, happy world presented by so many real estate agents and authors… Read more

Disappointing, Oct 26 2006

I have read many books of this type. I was very disappointed in this book. It merely reiterates the time old adages of: pay your self first; pay off your credit cards; pay down your mortgage; and buy one coffee a day, instead of two.

In my opinion, it is only a watered-down version of "The Wealthy Barber". The ideas in "The Automatic Millionaire" are solid advice, but have been written many times in many other books. Unfortunately I found no new ideas in the book, nor were there many helpful suggestions that could have been mentioned.

This book might be helpful to someone just entering the workforce who has very little financial knowledge.

Andrew